Green steel startup Stegra says $1.6 billion financing round is closed
Stegra Completes Major Financing Round
(Corrects to Wednesday from Tuesday in paragraphs 1 and 4)
Details of the Financing Announcement
COPENHAGEN, June 24 (Reuters) - Swedish startup Stegra said on Wednesday its €1.4 billion ($1.59 billion) financing round led by a Wallenberg investments-consortium was completed, with strong support from existing investors as well as the original lender group.
Background and Previous Announcements
Stegra in April said it had raised €1.4 billion in new financing led by Sweden's dynastic Wallenberg family, providing a lifeline to complete construction of Europe's first hydrogen-based steel factory.
Significance for Green Steel Projects in Europe
The financing provides a reprieve for one of the few remaining large green steel projects in Europe, where high investment costs and the challenges of scaling green hydrogen have forced several planned projects to be curtailed.
Lender Group Approval
Stegra said in a statement on Wednesday that the financing had also received a 100% approval from the Stegra lender group.
Additional Information
($1 = 0.8798 euros)
(Reporting by Anna Ringstrom, editing by Louise Rasmussen)
